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http://hdl.handle.net/10419/27474
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| Title: | | A Note on Aoki-Yoshikawa Model  |
| Authors: | | Scalas, Enrico Garibaldi, Ubaldo |
| Issue Date: | | 2008 |
| Series/Report no.: | | Economics Discussion Papers / Institut für Weltwirtschaft 2008-38 |
| Abstract: | | In this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has di¤erent equilibrium distributions depending on the form of transition probabilities. In the version of the dynamic AYM presented here, transition probabilities depend on a parameter c tuning the choice of a new sector for workers leaving their sector. The solution of Aoki and Yoshikawa is recovered only in the case c = 0. All the other possible cases give di¤erent equilibrium probability distributions, including the Bose-Einstein distribution. |
| Subjects: | | Macroeconomics Markov processes Markov chains stochastic models statistical equilibrium in Economics |
| JEL: | | D50 J21 C50 A12 |
| Creative Commons License: | |  |
| Document Type: | | Working Paper |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers
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